Oil markets opened Thursday weak but regained strength during Asian trading sessions.
Nigerian crude led gains because traders responded to stronger-than-expected economic growth data from China.
Brass River crude climbed to $113 per barrel, while Brent slipped below $95 per barrel.
This divergence shows widening regional pricing gaps as supply conditions shift across global markets.
Bonny Light stayed under pressure over the past week, although it briefly recovered during intraday trading.
West African crude experienced sharp volatility as refiners rushed to secure alternative Middle Eastern supplies.
Consequently, spot premiums surged between $140 and $150 per barrel before easing below $120 again.
Meanwhile, markets stayed sensitive to geopolitical risk while also tracking improving global demand expectations.
China’s Growth Boost
China’s economy grew 5% in the first quarter of 2026, and it exceeded forecasts strongly.
Moreover, strong exports and recovering domestic consumption drove growth despite a late-quarter slowdown.
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As a result, the data strengthened expectations of higher crude demand from China.
However, geopolitical tensions still limited sustained gains across global oil benchmarks.
US–Iran Ceasefire Risks
At the same time, traders focused on fragile ceasefire negotiations between the United States and Iran.
Negotiators discussed Iran’s nuclear programme and the reopening of the strategic Strait of Hormuz.
This waterway serves as a critical chokepoint for global oil and gas shipments worldwide.
Meanwhile, some tankers passed through under heavy monitoring and heightened regional security conditions.
So far, no new strikes have occurred, and the ceasefire has held cautiously.
However, the agreement will expire on April 21, which increases market uncertainty significantly.
Additionally, reports of possible US troop deployments have increased fears of renewed escalation risks.
Oil Prices And Demand Outlook
Elsewhere, West Texas Intermediate held near $88 per barrel, while Brent edged up to $95.
Earlier, conflict-driven spikes near $120 per barrel eased as demand concerns weakened momentum.
Furthermore, both the International Energy Agency and OPEC warned of softer global demand expectations.
Finally, emergency stock releases and economic uncertainty continue to weigh on crude sentiment overall.
Therefore, markets remain trapped between fragile diplomacy, supply risks, and uneven global demand recovery.